Randgold Resources chief executive Mark Bristow.
Africa-focused gold producer Randgold Resources (LON:RRS) said Thursday first-quarter profit from mining fell 16% due mainly to lower gold prices and reduced production.
Chief executive Mark Bristow said the quarter had been a very active one, with the underground mine development at Kibali, in the Democratic Republic of Congo, advancing ahead of schedule, the continuing expansion and upgrade programme at Tongon (Ivory Coast) delivering an improving performance, and Loulo (Mali) moving towards full owner-operator status at its underground mines.
”Our exploration strategy has two pillars: a brownfields programme focused on the areas around our existing ore bodies which is designed to replace the reserves depleted by mining; and a greenfields programme tasked with expanding our footprint and finding new targets,” he said.
Mining profit fell to $143.9 million for the quarter ended March 31 from $171 million a year earlier.
The company, which mines gold in Mali, Cote d’Ivoire and the Democratic Republic of Congo, said gold sales rose 1% to $344.6 million.
More to come…
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